{"id":4486,"date":"2022-01-07T13:17:36","date_gmt":"2022-01-07T13:17:36","guid":{"rendered":"http:\/\/43.204.200.242\/hr-glossary\/it-declaration\/"},"modified":"2024-03-27T12:43:29","modified_gmt":"2024-03-27T07:13:29","slug":"it-declaration","status":"publish","type":"hr-glossary","link":"https:\/\/akriviahcm.com\/resources\/hr-glossary\/it-declaration","title":{"rendered":"Income Tax (IT)- Declaration"},"content":{"rendered":"<h3>What is an Income tax declaration?<\/h3>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-29547 size-full\" title=\"IT declaration meaning\" src=\"https:\/\/akriviahcm.com\/resources\/wp-content\/uploads\/2022\/01\/it-returns-1.png\" alt=\"What is income tax declaration?\" width=\"1280\" height=\"720\" \/><\/h3>\n<p>Income tax declaration is a form that an individual must fill in to declare their income and taxes paid during the year. This form aims to ensure you have paid the correct amount of tax based on your income that contains the employee&#8217;s <a href=\"https:\/\/akriviahcm.com\/resources\/hr-glossary\/gross-income\">gross income<\/a>, tax-saving investments into instruments such as insurance, <a href=\"https:\/\/akriviahcm.com\/resources\/hr-glossary\/provident-fund-pf\/\">provident fund (PF)<\/a>, annuity plans, and EEE amount paid to the employee.<\/p>\n<h3>Importance<\/h3>\n<p>According to the Income Tax Act, an employer needs to deduct tax on an employee&#8217;s salary every month. The Central Government has announced a new income tax regime with lower tax slabs in the Union Budget of 2020. Under this system, taxpayers can choose their preferential tax bracket based on their income. Before selecting a particular tax bracket, employees can choose which regime works best for them by making proper tax declarations and calculating their tax liabilities.<\/p>\n<h3>What is the due date for IT declaration submission<\/h3>\n<p>At the end of the <a href=\"https:\/\/akriviahcm.com\/resources\/hr-glossary\/financial-year\/\">financial year<\/a>, in January or February, employees must submit information about their investment intentions via <a href=\"https:\/\/akriviahcm.com\/resources\/hr-glossary\/form-12bb\">Form 12BB<\/a>.<\/p>\n","protected":false},"featured_media":29547,"template":"","class_list":["post-4486","hr-glossary","type-hr-glossary","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is Income Tax Declaration? | Meaning &amp; Definition | Akrivia HCM<\/title>\n<meta name=\"description\" content=\"Income Tax Declaration is a tax-saving investment that employees submit to their employers at the beginning of the year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/akriviahcm.com\/resources\/hr-glossary\/it-declaration\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Tax (IT)- Declaration\" \/>\n<meta property=\"og:description\" content=\"Income Tax Declaration is a tax-saving investment that employees submit to their employers at the beginning of the year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/akriviahcm.com\/resources\/hr-glossary\/it-declaration\" \/>\n<meta property=\"og:site_name\" content=\"Akrivia HCM\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AkriviaHCM\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-27T07:13:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/akriviahcm.com\/resources\/wp-content\/uploads\/2022\/01\/it-returns-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@AkriviaHCM\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/akriviahcm.com\\\/resources\\\/hr-glossary\\\/it-declaration\",\"url\":\"https:\\\/\\\/akriviahcm.com\\\/resources\\\/hr-glossary\\\/it-declaration\",\"name\":\"What is Income Tax Declaration? 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